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California Statewide Communities Development Authority Citrus Valley Health Partners; Hospital Feb 09
Standard & Poors, Feb 2009
Abstract
Standard & Poor's Ratings Services revised its rating outlook to negative from stable on California Statewide Communities Development Authority's $82.515 million certificates of participation (COPs), issued for Citrus Valley Health Partners (CVHP). At the same time, Standard & Poor's affirmed its 'BB+' underlying rating (SPUR) on the COPs. The outlook revision reflects our view of CVHP's: Much weaker fiscal 2008 financial performance, with operating and excess margins of negative 1.0% and negative 1.4%, respectively, producing coverage of maximum annual debt service (MADS) of 1.9x; and Decreased inpatient volumes of 5.8% in fiscal 2008 compared with fiscal 2007 results. Supporting the 'BB+' SPUR, in our opinion, is CVHP's: Balance sheet, which has unrestricted liquidity of $63.0 million (at unaudited fiscal 2008...
Companies mentioned in this report are: Citrus Vy Hlth Partners,California Statewide Communities Dev Auth
Action: Outlook Revised
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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